Nationwide after BoE Interest Rate rise
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Nationwide's interest rate offers on fixed-rate ISAs has been appalling! A fixed rate ISA has just matured, and I have just been offered 1% interest on renewing.
No thanks Nationwide, there are more competitive rates available. They could save money by stopping running their awful TV ads and reduce executives' pay!0 -
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Their 5% current account interest rate only lasts a year, and if I'm correct only payable on first £2500 in the account. After this the rate reduces to 1% on first £2500.
We have been with Nationwide for many years, and their emphasis on loyalty to members doesn't ring true. Eg the 5% current account interest rate is there to attract new customers, not necessarily reward current members, although we did take advantage of this several years ago.0 -
Nationwide's interest rate offers on fixed-rate ISAs has been appalling! A fixed rate ISA has just matured, and I have just been offered 1% interest on renewing.
No thanks Nationwide, there are more competitive rates available. They could save money by stopping running their awful TV ads and reduce executives' pay!
So you disapprove ofTheir 5% current account interest rate only lasts a year, and if I'm correct only payable on first £2500 in the account. After this the rate reduces to 1% on first £2500.
We have been with Nationwide for many years, and their emphasis on loyalty to members doesn't ring true. Eg the 5% current account interest rate is there to attract new customers, not necessarily reward current members, although we did take advantage of this several years ago.- the amount of money they spend on TV ads
- the scale of their executive pay
- the uncompetitive interest rate on their ISAs
- the lifespan of the FlexDirect top rate
- the cap on interest-earning balances with FlexDirect
- the lack of loyalty to existing members such as you
- the preferential treatment of new customers
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polyphonic99 wrote: »Nationwide is not passing on last week's Bank of England 0.25% rate rise in full to savers in the first sign that big financial institutions will use the base rate to increase profit margins.
How does the 0.25% rise increase profit margins. The vast majority of lending , i.e. mortgages, personal loans is for fixed rates over several years. The change in BOE base is only going to influence market rates over an extended period of time.
Nationwide has reported 2 years of declining profits. While being required to hold more capital to meet regulatory solvency requirements.
There's a far more complex picture than headlines suggest.0 -
Nationwide do have a good side - their customer service is excellent, and internet banking second to none!
We started using Nationwide when they had a branch in our village, back in the day. However, when they are offering such derisory interest rates when old accounts mature, it would be stupid not to look around to gain more interest.
Surely that is the ethos of MSE?0 -
It wasn't so long ago that they halved the monthly pay in amount on the RS account.Or cutting their 5% current account, or halving their RS rate which is double the rate of a lot of others
I suspect the 5% Regular Saver rate has been retained at that level to avoid too many members crying 'foul' that the best rate (5%) was reserved for new FlexDirect customers. Nationwide can at least say that all (qualifying) members can access an account paying 5% interest."In the future, everyone will be rich for 15 minutes"0 -
Unfortunately their customer service is also very variable, as illustrated by the wide variety of responses people used to get when they tried to get a second (or more) bite at the 5% FlexDirect offer for new customers. You got a different answer depending on who you spoke to, and if you didn't like the first answer then you simply tried again until the 'right' answer was obtained.Nationwide do have a good side - their customer service is excellent, and internet banking second to none!
To me that doesn't equate to excellent customer service - all customers should get the same answer to the same question.
They are a lot better than some banks though.
"In the future, everyone will be rich for 15 minutes"0 -
My favourite part was when they sent me a letter asking to vote in the AGM earlier this year, with the director's wanting an extra boost to their pay packet.
At least someone is getting a pay rise I suppose.0 -
Not so long ago Nationwide used to be market leading but not anymore they have been steadily deteriorating over the past couple of years
yes the Regular Saver is good at 5% but it used to be £500 a month and they cut it to 250 a month
The FlexDirect account pays 5% for a year as it does now but you used to then be able to close and reopen another one and get another 5% for another year but they have stopped that
the ordinary Flex Account used to come with European travel insurance but now it doesn't
The flex plus fee has been increased
their credit card used to give half percent cash back now it is only a quarter of a percent
their ISA rates and general savings rates even for loyalty Savers and flexclusive customers are appalling you can get better at Tesco Bank0
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